Georgia Investment Adviser Misappropriates $2 Million from Widows

Blake B. Richards, a36-year-old investment adviser from Buford, Georgia, allegedly”misappropriate[d] approximately $2 million from at least sixindividuals” according to a claim brought forth by the SEC.

Beginning in2008, the SEC claims that Richards formulated several fraudulent schemes toembezzle money from clients, including two elderly victims who were attemptingto roll over their retirement accounts.

Working under a separate company registered to his name,Richards allegedly had his clients write checks out to “Blake RichardsInvestments” or “BMO Investments” and would keep the money forhimself. In one instance, Richards classified himself as an “Accredited AssetManagement Specialist,” which was completely false.

Most of the money stolenconsisted of retirement or life insurance proceeds from the victims’ deceasedspouses. As a result, the SEC seeks to have “his assets frozen, disgorgement, penalties and an injunction.”

See SEC Says Adviser Stole From Widows,Courthouse News Service, May 24, 2013.